Arch, Flagship to direct NYC's $150M life sciences fund
The New York City Economic Development Corp. said Flagship Ventures and Arch Venture Partners will direct investment activities for the Early Stage Life Sciences Funding Initiative, its $150 million life sciences fund. The fund intends to invest in 15-20 New York City-based startups by 2020.
NYCEDC said Flagship will lead investments in therapeutics, while Arch will pursue non-therapeutic investments. Arch co-founder and managing director Robert Nelsen said his firm will pursue deals for research tools, diagnostics and instrumentation, and intends to co-invest alongside NYCEDC and its industry partners, each of which will make investment decisions on its own. Nelsen said Arch will independently pursue therapeutics investments in New York City. Flagship did not respond to inquiries. ...